Bitcoin is Up 83,000% Since Gold Topped in 2012: Bullion vs. BTC
If you’ve been on Crypto Twitter over the past 24 hours, you have likely noticed one Bitcoin-bashing tweet from Peter Schiff. The message, which can be seen below, shows the libertarian investor claiming that BTC’s price chart “looks horrible.”
Related Reading: Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally
Schiff, in fact, remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out. He even added that not only has Bitcoin fallen below a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”
Cardano Incentivized Testnet Snapshot Happened Today: Community Is Optimistic
Tuesday November 12, 2019
After much delay, the Cardano (ADA) incentivized testnet finally rolls out today. At 12 noon UTC, a snapshot of balances in Daedalus and Yoroi wallets will kick off the staking process. And ADA holders...
The post Cardano Incentivized Testnet Snapshot Happened Today: Community Is Optimistic appeared first on 12bitplay - Bitcoin Play.
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019
Former ECB President’s Statement Shows Bitcoin Does Have Impact on the Economy
Thursday November 14, 2019
While many enthusiasts offer a bullish assessment of the future of cryptocurrencies like bitcoin and the ways it can be used to replace or supplement fiat currency, the coins have received mixed reactions from...
The post Former ECB President’s Statement Shows Bitcoin Does Have Impact on the Economy appeared first on 12bitplay - Bitcoin Play.
Although Schiff’s technical analysis might be right, many in the cryptocurrency community have been quick to rebut his sentiment that Bitcoin is inferior to gold.
Bitcoin Has (Dramatically) Outpaced Gold
Over the past five-odd years, the chief executive of Schiff Gold, Peter Schiff, has been trashing Bitcoin. Over the years he has called it many things, but one of the bullion proponent’s main theses is that BTC is an asset with no inherent value that will eventually trend to zilch.
So far, this hasn’t been the case. In fact, analyst Rampage recently posted to Twitter that since one ounce of gold topped out at $1,800 seven years, Bitcoin has appreciated by 83,331%. In that same time frame, gold fell by 20%.
Bitcoin May Be Forming Long-Term Bottom as Bulls Fight Back
Sunday November 17, 2019
After an extended period of trading sideways around $8,500, Bitcoin’s bulls have begun to fight back, pushing the crypto towards $8,700. In spite of this upwards movement today, it is important to note that...
The post Bitcoin May Be Forming Long-Term Bottom as Bulls Fight Back appeared first on 12bitplay - Bitcoin Play.
$BTC v Gold
I just wanted to personally remind you that bitcoin is up 83,331.79% since gold topped out at $1800 seven years ago.
What's it like hodling a -20% gold bag for seven years? pic.twitter.com/gmAgSwLpsl
— Rampage (@Thrillmex) October 19, 2019
Rampage isn’t the first to have drawn attention to what critics of Schiff see as flaws in the “Bitcoin is inferior to gold” argument.
Anthony Pompliano, a former Facebook team member that has since become a cryptocurrency investor, accentuated that Bitcoin is the best performing asset of the past decade, before adding that the asset’s scarcity and relative lack of penetration is likely to allow it to grow rapidly in the years to come.
Of course, there is no guarantee that the cryptocurrency market will continue to shoot higher in the years to come. Yet, critics have deemed Schiff’s points moot due to his long history of hating BTC as it appreciated higher and higher.
Related Reading: Crypto Tidbits: Fidelity Expands Bitcoin Ops, Ripple’s XRP Sales Fall, Grayscale Sees Growing Altcoin Demand
Featured Image from Shutterstock
The post Bitcoin is Up 83,000% Since Gold Topped in 2012: Bullion vs. BTC appeared first on NewsBTC.